28 Jun 2024
By 24hr Mortgage

Understanding the Role of HUD in Regulating Mortgage Lending Practices

Mortgage Application, ,
With various regulations and guidelines to follow, it's crucial to understand the role of the U.S. Department of Housing and Urban Development (HUD) in this landscape. HUD plays a vital role in regulating mortgage lending practices to ensure fair and equitable access to housing. In this blog post, we'll delve into the functions of HUD and how they impact mortgage lending practices. What is HUD? The U.S. Department of Housing and Urban Development, commonly known as HUD, was established in 1965 to develop and execute policies on housing and urban development. HUD's mission is to create strong, sustainable, inclusive communities…
Read More
12 Jun 2024
By 24hr Mortgage

Understanding Mortgage Recasting

Mortgage, ,
When it comes to managing your mortgage, you might have heard of refinancing as a popular option to reduce monthly payments or pay off your loan faster. However, there's another lesser-known strategy called mortgage recasting. Let's dive into what mortgage recasting is, how it works when it makes sense to consider it, and when you might want to avoid it. What is Mortgage Recasting? Mortgage recasting is a form of prepaying your mortgage, it is a process where you make a lump-sum payment towards your mortgage principal, and your lender then recalculates your monthly payments based on the new, lower…
Read More
30 Jan 2024
By 24hr Mortgage

Millennials and the Pursuit of Homeownership

Mortgage Tips, ,
With rapid technological advancements and shifting societal norms, millennials find themselves facing a unique set of challenges and opportunities when it comes to securing a mortgage. The journey toward homeownership for this generation is a multifaceted one, influenced by factors ranging from soaring student loan debt to evolving housing preferences. The Student Loan Conundrum: One of the primary obstacles that millennials face when considering homeownership is the burden of student loan debt. With the rising cost of education, many find themselves struggling with substantial loan balances, which can impact their ability to qualify for a mortgage. Lenders typically assess debt-to-income…
Read More
21 Jan 2022
By 24hr Mortgage

How Can Parents Help Their Children Buy A Home?

Home Building Tips, ,
One of the most common dreams is homeownership; however, the cost of buying a house is rising quickly, and many children cannot afford to buy a house even after they finish school. They might be encumbered with student loans, and they could have a difficult time finding a job. Fortunately, there are ways parents can help their adult children buy a home. Help Children Build A Healthy Credit History As Early As Possible One of the biggest factors involved in an application for a home loan is the credit score. One reason why children have a difficult time qualifying for…
Read More
27 Jul 2021
By 24hr Mortgage

Homeownership And The American Dream: Is It Changing?

Mortgage, ,
There are a few parts of American culture that people believe define this country. One element is the dream of homeownership. There is a strong belief that people need a place to call home. Therefore, since the dawn of this country, the government has tried to incentivize people to purchase a home. At the same time, there are some people who are looking at the younger generation, wondering if this American Dream is starting to change. Is homeownership still a part of the American Dream? Americans Still Believe In The Idea Of Homeownership Hard work and owning a home appear…
Read More
23 Jul 2021
By 24hr Mortgage

Taking A Closer Look At Affordability: Renting And Buying

Mortgage, ,
There are many people who are looking at the housing market wondering if now is the time to make the jump from renting to owning. At the same time, is it more affordable to rent a home? Or, is it a smarter move to buy a home? Even though many people like the comfort of renting because it is someone else’s problem if something goes wrong, waiting too long to purchase a home could be costly. Here are a few of the most important points you need to keep in mind when it comes to renting versus buying a home.…
Read More